Japan Is Getting Darker, Faster...

08/06/08 10:28AM EDT

The Japanese government made explicit comments last night that assure me, at the very least, that economic trends are deteriorating as fast as I thought they would. Testing the 109 level, the Japanese Yen is hitting it’s lowest level relative to the US Dollar since January, as a direct result.

Japan's Finance Minister, Ibuki, actually used the word "stagflation", joining Ben Bernanke as the other major central banking head to do the same in recent weeks.